Banks arrange reported $60 billion financing for Anthropic chip lease

The banks have begun syndicating $42 billion in senior-secured loans, which are backed by Broadcom’s A-minus credit rating, according to the report.[1] The debt could later be sold through private-placement or investment-grade bond markets.[1] A further $18 billion junior-debt tranche without Broadcom guarantees is expected to launch later.[1] Blackstone has committed about $9 billion to that tranche and is helping syndicate the remaining amount.[1] The report says this unbacked debt leaves lenders directly exposed to Anthropic’s credit profile.[1]

The debt is intended to cover Anthropic’s advanced chip orders scheduled for delivery in 2027, with lease payments due to begin after the hardware is fully deployed.[1] Anthropic separately announced an expanded agreement with Google and Broadcom for multiple gigawatts of next-generation TPU capacity, expected to come online starting in 2027.[3] The company says that capacity will power its frontier Claude models and help meet customer demand worldwide.[3] The financing is being watched as a test of lender appetite for capital-intensive AI projects amid investor demands for higher risk premiums.[1]

The reported bank debt is distinct from a potential Broadcom convertible-note arrangement.[1][2] Broadcom’s quarterly report and investor term sheets indicate Anthropic could issue it up to $42 billion in convertible notes to cover lease obligations, according to the report.[1] Reuters says Anthropic’s IPO filing describes Broadcom as agreeing to lend up to $42 billion for infrastructure spending, and that the potential financing could fund about one-third of a $125.2 billion commitment to a five-year TPU-capacity lease.[2] Anthropic said it does not expect to sell notes before completing its IPO.[2]

Anthropic disclosed that Broadcom’s roles as hardware supplier and financing partner create potential conflicts that could affect the company’s access to computing power.[2] It warned that Broadcom’s pricing and hardware decisions could affect its ability to obtain enough computing infrastructure.[2] The filing also says Anthropic deposited cash into a restricted account for Broadcom’s benefit in April 2026 and may have to contribute more in some circumstances.[2] Certain payment or performance defaults could accelerate a substantial portion of lease obligations while limiting access to the financing facility.[2] These conditions are relevant to assessing the financing alongside its headline size.